Ucore Renegotiates Long-Term Debt

Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) ("Ucore" or the "Company"), is pleased to announce that it has renegotiated the terms of its long-term debt owing to Orca Holdings, LLC ("Orca") and that Orca has agreed to a reduction in the interest rate and an extension of the maturity date of the loan (the "Loan"), as well as an immediate repayment of a portion of the debt.

As described in the Company's press release dated April 2, 2019, the Loan is a secured loan between the Company and Orca dated March 30, 2019 which had an original principal amount owing by Ucore to Orca of USD$2,725,000. The interest rate on the Loan was 12.5% (escalating to 15% on April 1, 2020) and the Loan had a maturity date of March 31, 2021.

Pursuant to negotiations with Orca, the parties to the Loan have now agreed to the following amended terms: (i)The Company will repay and eliminate CAD$2,500,000 in principal to Orca; (ii)The maturity date of the Loan will extended to November 30, 2021; (iii)The interest rate will be reduced from 15% to 9%; and (iv) Subject to the approval of the TSX Venture Exchange, five million bonus warrants ("Warrants") will be issued to Orca. Each Warrant will entitle Orca to acquire one common share of the Company at an exercise price of CAD$0.12 during a term ending on November 30, 2021.

The revised terms will result in a reduction in the annual interest expense of the Company in excess of CAD$400,000.

"These new terms for the long-term debt owing to Orca will greatly reduce Ucore's monthly interest expense and will significantly improve our balance sheet," noted Peter Manuel, CFO of Ucore. "The new terms and reduced debt obligations position the Company to deliver upon its previously disclosed M3 business plan."

The new principal amount outstanding on the Loan will be reduced to USD$964,927.81.The transaction is considered a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction, nor the considered paid, exceed 25% of the Company's market capitalization. No new insiders and no control persons were created in connection with the closing of the transaction. The transaction was reviewed and unanimously approved by the Company's Special Committee as well as its Board of Directors.

About Ucore

Ucore Rare Metals is a company focused on rare and critical metals resources, extraction and beneficiation technologies with near term potential for production, growth, and scalability. The Company has a 100% ownership stake in the Bokan-Dotson Ridge Rare Earth Project. On March 31, 2014, Ucore announced the unanimous support of the Alaska State Legislature for Senate Bill 99 (2014), which authorized the AIDEA to issue up to USD $145 million in bonds for the infrastructure and construction costs of the Bokan-Dotson Ridge Rare Earth Project.

Ucore's vision and plan is to transition to become a leading advanced technology company that provides mineral separation products and services to the mining and mineral extraction industry. This vision includes the development of the Alaska SMC in Southeast Alaska and the development of the Company's rare earth minerals property located at Bokan Mountain in Alaska (an NI-43-101 technical report was filed on SEDAR on March 14, 2013).

For further information, please contact Mr. Jim McKenzie, President & CEO of Ucore Rare Metals Inc. at: +1 (902) 482-5214 or visit www.ucore.com.